Is nomination enough?

No! Nomination only means the nominee can receive the asset from the institution. Legal heirs can contest. Always have a Will. Update nominations and Will consistently.

What happens to joint accounts?

Joint bank accounts pass to the surviving holder. But for tax/inheritance purposes, the deceased's share is still part of their estate. A Will should clarify treatment of joint assets.

Will & Nomination — Protect Your Family's Wealth

68% of Indians die without a Will, causing legal battles and delayed inheritance. Nomination and Will serve different purposes — understanding both is crucial for estate planning.

Nomination vs Will

Nomination: Designates who receives assets temporarily (custodian). It's NOT legal inheritance. Will: Legal document specifying who inherits what. Will overrides nomination. A nominee holds assets until legal heirs claim them per the Will.

Why You Need a Will

Without a Will, assets are distributed per succession laws (Hindu/Muslim/Christian personal laws or Indian Succession Act). This may not match your wishes. Spouse, children, and parents have defined shares. A Will lets you customize distribution.

How to Create a Will

Written on plain paper (stamp paper not required). Must be signed by testator and 2 witnesses. Registration at Sub-Registrar's office (recommended, not mandatory). Can be changed anytime. No lawyer needed (but recommended for complex estates).